1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 8 to 11.Analyst Certification on page 6.Price Objective Basis/Risk on page 3.12852808 Chemical Metal Watch HK/Singapore investor visits:Generally positive views on AI-related materials Industry Overview Investor visits:Many questions on AI-related mater

4、ial cos We visited 35 investors in Hong Kong and Singapore during the week of 14 July.Investors showed strong interest in AI-related materials and components(e.g.,cable companies,Nittobo,Resonac,and Mitsubishi Gas Chemical).They also asked questions across all sectors,including steel,nonferrous meta

5、ls,oil refining,trading companies,and chemicals,but showed less interest than usual in the chemicals sector.Investors asked for the first time about ship-related companies.Strong interest in AI-related materials and components Many investors were positive.They had many questions about cable companie

6、s,showing strong interest in(1)earnings outlook and buy-side consensus,and(2)views on share-price valuation.Investor views on cable companies have strengthened in response to monthly data at Taiwanese companies and strong business conditions in AI-related supply chains(e.g.,Innolight),and more inves